香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完 整性亦不發表任何聲明，並明確表示，概不就因本公告全部或任何部分內容所產生或因依賴該等內 容而引致的任何損失承擔任何責任。 CHINA EAST EDUCATION HOLDINGS LIMITED 中國東方教育控股有限公司 （於開曼群島註冊成立的有限公司） （股份代號：667） 截至2025年6月30日止六個月之中期業績公告 | 摘要 | | | | | --- | --- | --- | --- | | | | 截至6月30日止六個月 | 變動 | | | 2025年 | 2024年 | 增加╱（減少） | | 新培訓人次及新客戶註冊人數 | 83,521 | 78,009 | 7.1% | | 平均培訓人次及平均客戶註冊人數 | 152,817 | 144,793 | 5.5% | | 收入（人民幣百萬元） | 2,186 | 1,983 | 10.2% | | 毛利（人民幣百萬元） | 1,253 | 1,051 | 19.2% | | 純利（人民幣百萬元） | 403 | 272 | 48.4% | | （1） 經 ...

Core Viewpoint - The company is poised to capitalize on unprecedented opportunities in vocational education due to the optimization of China's economic structure and the advancement of national strategies such as "Skill China," "Manufacturing Power," and "Digital China" [1] Group 1: Market Demand Alignment - The company has established a comprehensive three-tier R&D system to update existing programs and create new ones based on industry needs, maintaining an annual program update rate of over 30% [2] - Future focus areas include intelligent manufacturing, digital technology, and modern service industries, aligning educational offerings with market demand [2] - The company employs a cautious approach to new business development, involving market research, curriculum design, faculty training, and pilot programs [3] Group 2: Development Initiatives - The company is expanding its regional centers across seven major areas, with a target student population of over 120,000, potentially reaching 200,000 to 300,000 students in total [4] - The company aims to triple revenue in its beauty education sector over the next three years and plans to increase the number of vocational schools [4] - Continuous investment in faculty development and teaching resources is being made to enhance teaching quality and employment outcomes, with a student employment rate consistently above 95% [5] Group 3: Financial Goals and Investor Relations - The company targets a 10% annual revenue growth and over 20% profit growth in the mid-term, with a long-term goal of reaching nearly 300,000 students and close to 10 billion in revenue [6] - The company emphasizes a prudent approach to acquisitions, focusing on quality assets and synergy rather than mere scale [6] - A stable dividend policy is in place, with a commitment to distribute at least 60% of net profits as dividends over the next three years [6][7]

近日，人力资源和社会保障部正式发布第七批新职业，涵盖17个新职业和42个新工种。这一消息迅 速引发了社会各界的广泛关注，尤其是对于年轻人的职业选择和教育路径产生了深远影响。在这一 背景下，中国东方教育（00667.HK）作为职业教育领域的"龙头"，正迎来前所未有的发展机遇，同 时也为"本科后技能回炉"这一新趋势提供了有力支撑。 近年来，随着产业升级和经济结构调整，传统的职业路径和教育模式正在被重新定义。越来越多的 年轻人在完成本科教育后，选择进入职业院校进行"回炉"学习，以获取更贴近市场需求的技能。这 一现象背后，是新职业带来的新赛道、学历教育与技能教育的"时差"以及政策引领下教育鄙视链的 逐步打破。 中国东方教育通过与企业的深度合作，将企业实际需求融入课程设计中，实现了"教材更新周期"与 市场需求的同步。同时，中国东方教育的实训室配备了最新的设备和实车，让学生能够在真实场景 中进行操作练习。这种"真刀真枪"的实训模式，让学生毕业后能够迅速适应企业的工作环境。 此外，中国东方教育的教师队伍也以企业一线工匠为主，他们拥有多年实战经验，能够将实际工作 中的经验和技巧传授给学生。这种"工匠型"教师队伍，为学生提供了 ...

Group 1 - The State Council has issued an opinion to gradually implement free preschool education, starting from the autumn semester, exempting tuition fees for kindergarten children in their final year, funded by both central and local finances [1][3] - The "Support for Preschool Education Development Fund Management Measures" outlines the implementation of the tuition exemption policy for eligible public kindergartens and provides corresponding reductions for private kindergartens [1][3] - The central government will cover 80% of the costs for the first tier, 60% for the second tier, and 50% for the third to fifth tiers, with the funding based on the number of children enrolled and local standards [1][3] Group 2 - The total investment in preschool education in 2023 reached 538.2 billion yuan, with families bearing approximately 36% of the costs, indicating a high education expenditure burden on households [2] - The proportion of inclusive kindergartens is expected to reach 87.26% in 2024, with an enrollment rate of 91.61% and a gross enrollment rate of 92%, although disparities exist between urban and rural areas [2] - The implementation of free preschool education is part of a broader fertility support policy aimed at reducing the economic burden on families and promoting a fertility-friendly environment [2] Group 3 - Companies are also playing a significant role in creating a fertility-friendly society, with over ten companies introducing measures to encourage employee childbirth since 2021 [3] - The free preschool education policy is seen as a concrete implementation of the government's focus on improving people's livelihoods, with an estimated annual fiscal investment of around 45 billion yuan required [3] - The policy is expected to gradually expand in the coming years, reflecting the government's commitment to enhancing educational accessibility [3] Group 4 - China Oriental Education anticipates a 45%-50% year-on-year increase in net profit for the first half of 2025, driven by a 7% increase in new student registrations and a 10% revenue increase [4] - New Oriental-S maintains a target price of 46 HKD and a "buy" rating, despite a 3% downward adjustment in revenue forecasts for 2026/2027 [4] - China Education Holdings reported a revenue increase of 11.8% to 3.673 billion yuan, although net profit decreased by 9.7%, attributed to increased student numbers and higher operational costs [5]

Investment Rating - Investment rating for the social services industry is "Positive (Maintain)" [1] Core Insights - The report highlights the strong performance of the Japanese toy company Sanrio, with FY2026Q1 revenue reaching 431 billion yen, a year-on-year increase of 49%, and a net profit of 141.9 billion yen, up 38% year-on-year [14][27] - The report emphasizes the growing demand for vocational education in China, with over 12 million college graduates in 2025, and a significant talent gap in the service industry, estimated at over 20 million [5][12] - The tea beverage sector is experiencing high demand, driven by promotional campaigns such as "The First Cup of Milk Tea in Autumn" launched by delivery platforms [5][12] Summary by Sections Section 1: Toy Industry - Sanrio's FY2026Q1 revenue and profit exceeded expectations, with a significant contribution from the Chinese market, which saw a revenue increase of 125% year-on-year [14][27] - Bandai's FY2026Q1 revenue was 3004 billion yen, a 7.1% increase year-on-year, with a net profit of 383 billion yen, up 12.6% year-on-year [30][36] Section 2: Vocational Education - The vocational education sector is targeting the service industry's talent gap, with a focus on practical training and skill development [5][12] - New Oriental's vocational programs are designed with 80% of the curriculum focused on practical training, leading to higher average salaries for graduates [5][12] Section 3: Beverage Industry - The tea beverage market is thriving, with promotional activities driving sales growth [5][12] - Companies like Mixue and Luckin Coffee are positioned to benefit from this trend [5][12] Section 4: Market Performance - The social services sector underperformed the broader market, with the social services index down 0.11% compared to a 1.34% increase in the CSI 300 index [6][28] - Recommendations for investment include tourism, education, and consumer services, with specific companies highlighted for their growth potential [6][28]

业绩大增，中国东方教育（00667）股价却反跌，但之后两个交易日迅速修复趋势，该公司估值见顶了吗？ 直通财经APP了解到，近日中国东方教育发布业绩预告，预期2025年上半年纯利同比增长45%-50%。而公司盈利增长的原因主要期间的新生注册及新客户注 册数量增加约7%，从而导致收入增加约10%，另外高效的营运及成本控制，导致公司的整体成本在收入增长的情况下，仍能保持相对平稳。 此外，中国东方教育能够领涨同行最重要的原因之一为逼空行情下的多头反抽。从港美股市场看，今年以来出现了普遍性的逼空行情，导致部分小票个股疯 狂上涨，尤其是站上政策风口的板块个股。 在此背景下，该公司或被逼空主题多头资金看上，2025年1月，其申报的淡仓接近3000万股，每日沽空比例平均在10%以内，淡仓浮动表明空头强度，6月中 旬淡仓数量3414万股达今年最高记录，截止8月1日淡仓数量2304万股，当日沽空比例17.2%。借助于政策利好，以及公司龙头地位，多头强势抢注拉动，高 位下空头反而成了助攻，当然在多头资金中，不乏有长期看好的价值投资者。 今年以来，中国东方教育市值走势非常强势，截至目前累计涨幅超过了2.3倍，成为了职业教育板块"最靓 ...

业绩大增，中国东方教育（00667）股价却反跌，但之后两个交易日迅速修复趋势，该公司估值见顶了吗？ 今年以来，中国东方教育市值走势非常强势，截至目前累计涨幅超过了2.3倍，成为了职业教育板块"最靓的仔"，然而随着市值暴涨，公司估值也来到了阶 段性高点，PE达到了34倍。但相比于2021年双减前的市值，该公司仍缩水超过50%，不过该公司业绩不受双减影响稳步增长，上限空间仍很大。 根据预告，2025财年将继续保持高增长，中国东方教育存在阶段性赶顶信号，但凭借多因素驱动或难阻长期上涨的趋势。 中国东方教育走牛，两个核心维度双驱 直通财经APP了解到，近日中国东方教育发布业绩预告，预期2025年上半年纯利同比增长45%-50%。而公司盈利增长的原因主要期间的新生注册及新客户注 册数量增加约7%，从而导致收入增加约10%，另外高效的营运及成本控制，导致公司的整体成本在收入增长的情况下，仍能保持相对平稳。 在此背景下，该公司或被逼空主题多头资金看上，2025年1月，其申报的淡仓接近3000万股，每日沽空比例平均在10%以内，淡仓浮动表明空头强度，6月中 旬淡仓数量3414万股达今年最高记录，截止8月1日淡仓数量2304万 ...

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年7月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 中國東方教育控股有限公司 呈交日期: 2025年8月5日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 00667 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 3,800,000,000 | HKD | | 0.0001 | HKD | | 380,000 | | 增加 / 減少 (-) | | | | | | | HKD | | | | 本月底結存 | | | 3,800,000,000 | HKD | | 0.0001 | HKD | | 380,000 | 本月底法定/註冊股本 ...

Group 1: Market Performance - Dongyue Group (00189) saw a rise of over 1%, with expectations for increased refrigerant demand as the new cooling season begins, despite a seasonal decline in August [1] - Hong Kong's banking stocks experienced a rally, with Agricultural Bank (01288) up over 2%, and other banks like ICBC (01398) and China Merchants Bank (03968) also gaining over 1%. The overall asset quality of listed banks remains stable, and profit growth is expected to continue [1] - In the gold sector, Lingbao Gold (03330) rose over 3%, with other companies like Chifeng Jilong Gold (06693) and Shandong Gold (01787) also seeing significant gains, driven by lower-than-expected U.S. job growth data which increased interest in gold [3] Group 2: Company Announcements - InnoCare (02577) surged over 8% after being named the only Chinese chip company in NVIDIA's 800VDC power architecture collaboration, indicating a significant partnership in AI data centers [2] - Derun Shipping (02510) announced a profit forecast of approximately $180 million to $200 million for the six months ending June 30, 2025, representing a 220% to 255% increase compared to the previous year [2] - China Eastern Education (00667) reported an expected profit increase of no less than 45% for the first half of the year, driven by a 7% increase in new student registrations and effective cost control [3] Group 3: Financial Results - Amazon (AMZN.US) reported second-quarter earnings that exceeded expectations, with AWS revenue growing 17% year-over-year, but the third-quarter profit guidance fell short of market expectations [5] - Coinbase (COIN.US) saw a 16.7% drop after reporting second-quarter revenue of $1.5 billion, which was below analyst expectations, despite a significant profit increase due to investments [5] - Moderna (MRNA.US) experienced a decline of over 10% due to delays in vaccine shipments, leading to a downward revision of its revenue forecast for 2025 [7]

智通财经APP获悉，中国东方教育(00667)早盘涨超5%，截至发稿，涨4.1%，报8.37港元，成交额 2009.67万港元。 消息面上，中国东方教育近日公布，预期上半年纯利将同比增加不少于45%但不多于50%。纯利增加主 要由于期内的新生注册及新客户注册数量增加约7%，从而导致公司收入增加约10%；及在该期间集团 高效的营运及成本控制，导致本集团的整体成本在收入增长的情况下，仍能保持相对平稳。 值得注意的是，据人社部消息，近日，国务院就业促进和劳动保护工作领导小组印发《关于开展大规模 职业技能提升培训行动的指导意见》。《意见》提出，从2025年到2027年底，围绕增加制造业、服务业 紧缺技能人才供给，以深入实施"技能照亮前程"培训行动为牵引，广泛开展职业技能提升培训。其中， 聚焦高精尖产业与急需行业、就业重点群体等开展补贴性培训3000万人次以上，促进劳动者技能就业、 技能增收、技能乐业。 ...